Results for: Financial Results

Bank of Hawaii Corporation (BOH) released its financial results for the first quarter of 2024 on Monday, reporting earnings per share of 87 cents, in line with market estimates. However, the company’s quarterly revenue missed expectations, coming in at $156.22 million instead of the anticipated $160.21 million. Bank of Hawaii’s Chairman, President, and CEO Peter Ho commented, “Bank of Hawai’i’s financial performance was solid for the first quarter of 2024. Credit quality remained excellent, with non-performing assets at 0.09% and net charge offs at 0.07%.” Despite these positive indicators, Bank of Hawaii’s shares fell slightly in the following trading session, closing 0.2% lower at $58.33.

2U, Inc. (Nasdaq: ) will report its first quarter 2024 financial and operational results on . , Chief Executive Officer, and , Chief Financial Officer, will hold an audio webcast and conference call at to discuss the results.

Spotify Technology SA (SPOT) reported strong financial results for the first quarter of fiscal 2024, exceeding analysts’ expectations. Revenue climbed 20% year-over-year to €3.64 billion ($3.95 billion), outpacing the consensus estimate of $3.85 billion. Earnings per share (EPS) of €0.97 ($1.05) also surpassed the $0.70 consensus.

Premium revenue, which accounts for the majority of Spotify’s income, grew 20% year-over-year to €3.25 billion, driven by subscriber additions and increased average revenue per user (ARPU). Total monthly active users (MAUs) reached 615 million, marking a 19% increase annually but falling short of the original guidance by 3 million. Spotify attributed the lower-than-expected MAU growth to reduced marketing activity following record performance in 2023 and recent organizational changes, including layoffs.

Ad-supported MAUs experienced a 22% year-over-year growth to 388 million, while premium subscribers increased by 14% year-over-year to 239 million. Within the Premium tier, ARPU rose by 5% year-over-year to €4.55. Ad-supported revenue also saw an 18% increase to €389 million.

Spotify’s gross margin improved significantly, reaching 27.6%, reflecting enhanced profitability in podcast and music streaming services. Operating income reached a new quarterly high of €168 million with a margin of 4.6%. Spotify held €4.7 billion in cash and equivalents and generated €207 million in free cash flow.

For the second quarter, Spotify projects revenue of €3.8 billion (consensus estimate: $3.76 billion) and total MAUs of 631 million. SPOT shares surged over 107% in the past year, providing investors with access to the company’s growth through ETFs such as Global X Social Media ETF (SOCL) and ProShares On-Demand ETF (OND).

Lockheed Martin (NYSE: LMT) announced strong financial results for the first quarter ended March 31, 2024, demonstrating continued growth and operational efficiency. The company reported net sales of ,, a significant increase compared to in the first quarter of 2023. Net earnings for the period were , or per share, compared to or .61 per share, in the first quarter of 2023.

Lockheed Martin’s financial performance was driven by increased demand for its advanced security solutions, particularly in the areas of aerospace, missiles, rotary and mission systems, and space. The company’s Aeronautics segment saw a 9% increase in net sales, with higher volumes on programs such as the F-35 and F-16. The Missiles and Fire Control segment reported a 25% increase in net sales, driven by production ramp-ups on tactical and strike missile programs. The Rotary and Mission Systems segment experienced a 16% increase in net sales, led by higher volumes in integrated warfare systems and Sikorsky helicopter programs. The Space segment also achieved a 10% growth in net sales, with higher volume on strategic and missile defense programs, as well as national security space programs.

Lockheed Martin’s robust financial performance also included strong cash flow generation. The company generated cash from operations of and free cash flow of during the quarter. The company’s focus on capital deployment was evident in its investment of over in R&D and capital projects and its significant return of capital to shareholders through dividends and share repurchases.

James Taiclet, Lockheed Martin’s Chairman, President and CEO, expressed confidence in the company’s ability to meet its financial expectations for the full year. He emphasized the company’s commitment to delivering meaningful free cash flow per share growth over the long term.

During the quarter, Lockheed Martin secured several large National Security Space awards, demonstrating the breadth of its portfolio and the strength of its technical expertise. The company also highlighted the progress towards delivery of the first F-35 TR-3 configured aircraft.

Lockheed Martin’s financial performance and operational achievements in the first quarter of 2024 underscore the company’s leading position in the defense and aerospace industry. The company’s innovation and open architecture solutions enable it to provide cutting-edge solutions that meet the evolving needs of its customers.

General Motors (GM) reported strong financial results for the first quarter of 2023, exceeding Wall Street targets and raising its annual pretax profit projection. The automaker’s net income rose 24.4% year-over-year to $3 billion, driven by stable pricing and demand for its gas-engine vehicles. GM’s adjusted pretax profit projection has been adjusted to $12.5 billion to $14.5 billion from the previous range of $12 billion to $14 billion for the year.

Polaris Inc. (PII) reported earnings per share (EPS) of $0.23 in Q1 2024, exceeding analyst expectations by $0.18. However, revenue slightly missed estimates, coming in at $1.74 billion against a forecast of $1.75 billion. The stock declined 1.2% premarket due to the revenue miss, despite the EPS beat indicating stronger profitability. Polaris remains optimistic about its strategies and product lineup, including off-road vehicles, snowmobiles, motorcycles, and boats.

Polaris Inc. (NYSE: PII), the global leader in powersports, today announced its financial results for the first quarter of 2024.

The company’s earnings release will be available on the Investor Relations website at www.polaris.com/investor-relations and will be furnished with the Securities and Exchange Commission on a Form 8-K.

Polaris will also host a conference call with analysts and investors today at 9:00 a.m. CT. The call and webcast can be accessed via the Webcast link on the Polaris website at www.polaris.com/investor-relations or by dialing 1-877-883-0383 or 1-412-902-6506, Conference ID 3619470.

Associated British Foods (ABF), the parent company of Primark, has reported strong financial results for the first half of the year, aided by improved supply chains and operational efficiency. Profit rose 37% to £881 million, and the interim dividend increased 46% to 20.7p.

16 companies are scheduled to release their financial results for the fourth quarter of FY24 on April 23rd. These companies include Tata Consumer Products Ltd, ICICI Prudential Life Insurance Comp Ltd, Tata Elxsi Ltd, Mahindra & Mahindra Financial Services Ltd, Multi Commodity Exchange of India Ltd, Cyient DLM Ltd, Huhtamaki India Ltd, Nelco Ltd, Axita Cotton Ltd, Artson Engineering Ltd, Mahindra EPC Irrigation Ltd, LKP Securities Ltd, ARO Granite Industries Ltd, Jindal Hotels Ltd, Netlink Solutions (India) Ltd and Bkm Industries Ltd. Reliance Industries Ltd posted a lower-than-expected quarterly profit as the net income fell 1.8% to 189.5 billion rupees ($2.3 billion) for the quarter ended March 31 from a year-ago period.

ServisFirst Bancshares, Inc. (NYSE: SFBS) kicked off the first quarter of 2024 on a positive note, showcasing significant growth in net loans and a robust loan pipeline. The bank’s Chief Credit Officer, Henry Abbott, reported an improvement in credit quality, while the Chief Financial Officer, Kirk Pressley, noted the highest net interest income since Q1 of 2023 and an optimistic outlook for the year.